South Korean Crypto Exchange Upbit To Be Acquired By Naver

In a major development in South Korea’s crypto sector, internet powerhouse Naver is reportedly acquiring Upbit, the country’s largest cryptocurrency exchange.

According to local media, the acquisition would involve Dunamu, Upbit’s parent company, becoming a wholly owned subsidiary of Naver Financial through a stock swap arrangement.

News of the deal immediately boosted investor sentiment, with Naver shares climbing more than 7% to $175.

Upbit has played a central role in South Korea’s crypto boom, and its integration into Naver’s financial arm would strengthen the latter’s presence in digital assets.

The timing of the deal coincides with government efforts to establish a stable framework for won-pegged stablecoins, aiming to bolster the country’s role as a crypto-friendly hub.

While both Naver and Dunamu declined to comment, the acquisition could mark one of the most significant consolidations between South Korea’s internet and crypto industries.

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